Misc./Travel Comp (IB, Consulting, etc.)

Based on the most helpful WSO content, here’s a breakdown of what banks and consulting firms typically cover for travel and in-office expenses:

Travel Expenses (Work-Related)

1. Flights and Hotels:

   • Both banks and consulting firms generally cover flights and hotels for work-related travel.
   • Consulting firms often book through a travel agent portal, with options for major airlines and refundable tickets. However, choices may be limited by project budgets.
   • Hotels can range from standard business accommodations to more luxurious options depending on the firm and project.

2. Meals:

   • A per diem or meal allowance is common. For example, Deloitte projects might benchmark around $50/day for meals ($7 breakfast, $15 lunch, $25 dinner, and $7 for snacks).
   • Some projects with larger budgets may allow for team dinners at nicer restaurants.

3. Transportation:

   • Rental cars or rideshare services are typically covered if needed for client site visits or local travel.

4. Miscellaneous:

   • Unexpected travel disruptions (e.g., flight delays or cancellations) are usually handled with support from the firm’s travel agency.

In-Office Expenses

1. Meal Stipends:

   • Many banks and consulting firms provide dinner stipends for employees working late. This can save employees a significant amount annually, especially in high-cost cities.

2. Overtime Compensation:

   • While overtime pay is rare in investment banking, consulting firms may offer some form of compensation for extended hours, though this varies by firm and role.

3. Other Perks:

   • Some firms provide snacks, coffee, or subsidized meals in the office.
   • Analysts and consultants often rack up points and miles from travel, which can be used for personal vacations.

Impact on Affordability

• Firms that cover travel expenses, including meals, can effectively increase your disposable income. For example, if a firm provides a daily meal stipend or covers all travel-related costs, employees can save thousands annually.
• Locations with higher costs of living may feel more affordable if the firm offers generous stipends or perks.

These additional benefits can make a significant difference in overall compensation and lifestyle, especially for those frequently traveling or working late hours.

Sources: Some Thoughts on Managing Multiple Offers (Consulting / MBB), Q&A - Leaving Deloitte Strategy Consulting After 2 Years, Q&A: Former MBB Consultant, Will RE firms cover or help to subsidize your travel expense for interviews?